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By Bloomberg

The U.S., Brazil and Russia will bear the brunt next year of OPEC’s strategy of tackling a global surplus of crude oil by letting prices fall, according to Bank of America Corp.

Output from the three nations will increase by just 7,000 barrels a day in 2016, compared with growth of 779,000 a day this year, as plunging prices almost wipe out the expansion in their supplies, Bank of America said. It raised its 2016 forecast for Brent crude prices to $62 a barrel from $58.

“Non-OPEC supply growth rates are set to slow down,” Francisco Blanch, the bank’s New York-based head of commodities research, said in a report. “The non-OPEC supply picture is relatively constructive for prices.”

While oil prices strengthened this year, they’re still 40 percent lower than a year ago as Saudi Arabia leads the Organization of Petroleum Exporting Countries’ strategy to defend its market share against the strongest U.S. crude production in three decades. The 12-nation group is insisting that countries outside the group pare their output to help tackle a surplus. Brent crude, the international benchmark, traded at about $65 a barrel in London Monday.

Oil supply from all countries outside OPEC will expand by 130,000 barrels a day in 2016, down from 670,000 a day this year, the bank said in a report. That will result in a “moderate draw in global inventories” in 2016, Blanch predicted. OPEC’s own supply will also drop slightly in 2016, according to the report.

U.S. production growth will plunge to 128,000 barrels a day in 2016 from 613,000 this year, and Brazil’s to 41,000 from 173,000. Russia’s output, already forecast to decline by 7,000 barrels a day in 2015, will extend that slump to 162,000 in 2016, according to the bank’s estimates.